1. In this Article unless the context otherwise requires a. “Buyer” means a person who buys or contracts to buy goods. b. Reserved. c. “Receipt” of goods means taking physical possession of them. d. “Seller” means a person who sells or contracts to sell goods. 2. Other definitions applying to this Article or to specified parts thereof, and the sections in which they appear are: a. “Acceptance” .....................................Section554.2606 b. “Banker’s credit” ..............................Section554.2325 c. “Between merchants” .......................Section 554.2104 d. “Cancellation” ...................................Section554.2106(4) e. “Commercial unit” ............................Section554.2105 f. “Confirmed credit”.............................Section 554.2325 g. “Conforming to contract”................. Section 554.2106 h. “Contract for sale” ............................Section554.2106 i. “Cover”...............................................Section554.2712 j. “Entrusting”........................................Section 554.2403 k. “Financing agency” ..........................Section554.2104 l. “Future goods” ...................................Section554.2105 m. “Goods” ............................................Section554.2105 n. “Identification”..................................Section 554.2501 o. “Installment contract” ......................Section 554.2612 p. “Letter of credit” ...............................Section554.2325 q. “Lot”...................................................Section554.2105 r. “Merchant” .........................................Section554.2104 s. “Overseas” .........................................Section554.2323 t. “Person in position of seller” ............Section 554.2707 u. “Present sale”....................................Section554.2106 v. “Sale”..................................................Section554.2106 w. “Sale on approval” ...........................Section554.2326 x. “Sale or return”.................................Section 554.2326 y. “Termination”.................................... Section 554.2106 3. The following definitions in other Articles apply to this Article: a. “Check”..............................................Section554.3104 b. “Consignee”.......................................Section 554.7102 c. “Consignor”.......................................Section 554.7102 d. “Consumer goods”............................Section 554.9102 e. “Control”............................................Section 554.7106 f. “Dishonor”..........................................Section 554.3502 g. “Draft” ...............................................Section554.3104 4. In addition Article 1 contains general definitions and principles of construction and interpretation applicable throughout this Article. Acts, ch 41, §23; 2012 Acts, ch 1023, §144, 157 554.2104 Definitions: “merchant” — “between merchants” — “financing agency”. 1. “Merchant” means a person who deals in goods of the kind or otherwise by the person’s occupation holds that person out as having knowledge or skill peculiar to the practices or goods involved in the transaction or to whom such knowledge or skillmay be attributed by the person’s employment of an agent or broker or other intermediary who by the intermediary’s occupation holds the intermediary out as having such knowledge or skill. 2. “Financing agency” means a bank, finance company or other person who in the ordinary course of business makes advances against goods or documents of title or who by arrangement with either the seller or the buyer intervenes in ordinary course to make or collect payment due or claimed under the contract for sale, as by purchasing or paying the seller’s draft or making advances against it or by merely taking it for collection whether or not documents of title accompany or are associated with the draft. “Financing agency” includes also a bank or other person who similarly intervenes between persons who are in the position of seller and buyer in respect to the goods (section 554.2707). 3. “Between merchants” means in any transaction with respect to which both parties are chargeable with the knowledge or skillof merchants. [S13, §3138-b34, -b36; C24, 27, 31, 35, 39, §8279, 8281; C46, 50, 54, 58, 62, §487.35, 487.37; C66, 71, 73, 75, 77, 79, 81, §554.2104]
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